Exagen Inc.
Sector: Services-Medical LaboratoriesIndustry: Medical - Diagnostics & ResearchCountry: USExchange: Nasdaq
DilutionScan read 39 of EXAGEN INC.'s SEC filings and found 9 warrant series, 1 ATM program, 3 shelf registrations and 2 completed offerings on file for XGN. The latest dilution event on file is ATM sales on Jun 30, 2026. Analysis updated Nov 1, 2026.
Signal8 Summary
XGN
Growing revenue, heavy cash burn
Snapshot
Exagen is a small-cap diagnostics company that is growing its top line but burning cash to do so. FY 2025 revenue reached $66.6M, up 19.7% from the prior year, with a healthy 58.3% gross margin. However, the company lost $20.0M in net income, driven largely by $46.6M in sales and general administrative expenses (70% of revenue). The business generated negative free cash flow of $14.3M last year.
What's Happening Right Now
- : A new systematic review published in Lupus Science & Medicine confirms the superior diagnostic accuracy of Exagen's AVISE Lupus algorithm.
- : The company filed to register over 1.1 million new shares for employee compensation plans, signaling potential future dilution.
- : Exagen reported record Q1 2026 revenue of $17.3M, beating estimates, driven by higher test volume and improved pricing.
